Business rates reforms head towards the long grass
All bets are off at the moment when it comes to what will happen on the political front – by the time I have finished writing this item we could well have a new Prime Minister.
Being that as it is, I will type fast as I quickly want to address what the current upheavals will mean – if anything – in the world of business rates.
Pretty much like the Brexit talks starting imminently, any progress promised by any of the parties in their manifestos is now toast. When it comes to how retailers and businesses in general have reacted to the election then “uncertainty” has figured in almost all of the soundbites I have come across.
The same applies to business rates. Before the election it was described as a system in crisis, not fit for purpose, etc. etc. and both main parties promised yet another review.
Fast forward a few days and it is so far down the agenda, it’s not even in the post scripts.
Regardless, retailer chiefs still cite it as one of their big worries. Theo Pathitis summed it by saying: “Nothing will get done on business rates because we have no one to do it and the Government will have no power.”
Brexit, security, LGBT rights, IndyRef2, even fox hunting have been mentioned as the Conservatives set about ripping apart their manifesto but I haven’t see a single line about business rates with the exception of the retail media.
What may be important to retailers and businesses seems worlds away from the corridors of Westminster right now.
A Tory MP is calling for business rates to be scrapped and replaced by an increase in VAT in order to save high street businesses.
Maximising income and protecting cash flow has never been more important for landlords as the UK battles through the latest stage of the pandemic.
Here is an easy way to check if your business is eligible for further grants to help you through lockdown 3.0.